SmallBiz Essentials: How to Share Your Thoughts on SEC Rulemaking

June 5, 2025
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Welcome to the SEC Small Business Advocacy Office’s blog where we share some fundamental capital-raising concepts and other interesting topics. 

The SEC issues rules governing the offer and sale of securities, some of which may be relevant to small businesses. These rules help clarify or implement laws passed by Congress and signed by the President. Generally, the term “rule” may refer to a regulation or to a specific rule within a regulation. In the context of the SEC, a regulation may refer to a collection of multiple rules on a specific topic. This post explores the process by which the SEC makes its rules, in a general sense, and how the public can get involved in the process.

How Does the SEC Make Its Rules?

Rulemaking is the process that the SEC and other federal agencies use to make and update rules. The federal rulemaking process is governed by the Administrative Procedure Act and is designed to solicit public input before any regulatory change takes effect. Although there may be some variations to these steps, the process usually involves (1) the publication of a rule proposal with public notice inviting comment, (2) a period of public comment, and (3) the adoption of a final rule that carefully considers the comments received. Sometimes, the SEC may publish a concept release to seek public input on potential regulatory approaches to address specific issues.

When the SEC publishes a proposed rule or otherwise invites comments from the public, you can submit a written comment during the comment period, which is often 30-60 days.

How Can You Submit a Comment?

You can submit comments in three ways: 

To help the SEC process and review your comments more efficiently, please only use one method of submission.

What Should You Include in Your Comment?

A comment does not need to be lengthy or address every item in a proposed rule. Even a couple of sentences explaining how a proposed rule would affect you, your company, or your investment decision can be very helpful.

For example, consider including the following:

  • information about yourself and how the proposed rule—or even just a part of it—would affect you;
  • data, such as cost estimates, examples, or other details quantifying the potential impact of the proposed rule;
  • facts or other information that clarify, contradict, or expand on statements in the proposed rule; and
  • suggestions for changes or alternatives to the proposed rule.

Submit only information that you wish to make available publicly, and be sure to include the file number, which you can find on the first page of the proposed rule and in the section that describes the methods for submitting comments. 

For more information on what you can include in your comment, check out How to Submit Comments to the SEC and Suggestions for How Individual Investors Can Comment on SEC Rulemaking: Updated Investor Bulletin.

What Happens to My Comments?

SEC staff read every comment and carefully consider the feedback provided. These comments can have a significant impact on what the Commission ultimately adopts as a final rule.  

You too can view public comments on the rules at sec.gov.

Print the information from this blog post, found in this Building Block.

This resource represents the views of the staff of the Office of the Advocate for Small Business Capital Formation. It is not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”).  The Commission has neither approved nor disapproved its content. This resource, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. This resource does not provide legal advice.   

Have suggestions on additional educational resources? Email smallbusiness@sec.gov. 

Last Reviewed or Updated: June 10, 2025